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Altus Property Group has announced the signing of a deal that could lead to the construction of Australia’s tallest building, a remarkable addition to the country’s skyline. If realized, the Trump International Hotel & Tower will soar to 340 meters, encompassing 91 storeys.
The ambitious project is slated to rise on a vacant plot of land on Trickett Street, marking a significant development in the area. Altus Property Group’s chief executive, David Young, shared his enthusiasm for the venture, expressing pride in the potential impact on Queensland tourism and the broader Australian economy.
“Our team at Altus Property Group Pty Ltd is thrilled to be involved in creating this iconic six-star resort in the sky,” Young stated. His dedication to this vision has been unwavering, as he signed the pivotal agreement on February 14 at Donald Trump’s Florida residence, following nearly two decades of pursuing this venture.
“All of my employees at Altus Property Group Pty Ltd are excited about building this iconic six-star resort in the sky and are proud of what it means for Queensland tourism and the Australian economy,” Altus chief executive David Young said.
He said he signed the deal on February 14 at Trump’s Florida home after he started pursuing the idea almost 20 years ago.
“We are now deeply into a process of design, engineering, construction and fit-out that will cost a shade under $1.5 billion and bring the world’s preeminent hotel-resort brand to our shores,” he said.
“This project is entirely funded by private investors who come from Singapore, Hong Kong, UAE and the United States.
“They have contributed a mix of debt and equity (in the form of convertible notes) and it gives my organisation access to ‘patient capital’ insofar as we don’t have to rush to make pre-sales as we would with Australian bank finance.”
However the building will be “Australia owned and Australia built”, he said.
He said it will create 500 jobs when it’s being built and another 500 when complete.
Young said the design will not be “gaudy” and will be “tasteful and expensive”.
He said a third of the building will be apartments starting at $5 million, although added a price tag for penthouses is yet to be set.
Shops and a beach club will also be created.
Trump Hotels, which has over 130 hotels around the world, confirmed the development is “coming soon”.
“Rising 91 storeys above Surfers Paradise, Trump International Hotel & Tower, Gold Coast will introduce the first Trump-branded hotel in Australia, alongside 272 exclusive residences, a private beach club, and premier retail and dining,” it says on its website.
“Set to become Australia’s tallest tower, this landmark address redefines beachfront sophistication with world-class amenities, iconic design, and uninterrupted Gold Coast views.”
The Q1 tower on the Gold Coast at 322 metres is Australia’s tallest building.
Australia 108 in Melbourne is the tallest residential tower at 316 metres.
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